Bitcoin, the world’s biggest cryptocurrency, on Saturday reached a new record high, breaking above the $60,000 milestone in a matter of minutes.
After a period of drops and consolidation since Mid-February, Bitcoin has found its mojo as investors have remained keen on using the digital asset to hedge against potential inflation as the U.S government begins to roll out fiscal stimulus.
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Bitcoin surged as high as 6 percent to reach $60,310 around 1:28 pm WAT, beating its previous record of $58,310, and now has a market cap of over $1.2 trillion according to data from coinmarketcap.com.
The token is now up over 106 percent year-to-date, far outperforming any traditional asset, and closing in on Gooogle to take its spot as the 7th largest asset by market capitalization.
Bitcoin's quick rise caused the liquidation of over $100 million in short positions in a matter of minutes, according to a tweet from Glassnode co-founder and CTO Rafael Schultze-Kraft.
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